National Bank reports $1.03B Q3 profit, up from $830M a year ago
MONTREAL — National Bank of Canada reported a third-quarter profit of $1.03 billion, up from $830 million a year ago, helped by strength across its operations.
The Montreal-based bank says its net income amounted to $2.89 per diluted share for the quarter ended July 31, up from $2.33 per diluted share a year earlier.
Revenue for the quarter totalled $3.00 billion, up from $2.49 billion in the same quarter last year.
The bank's provision for credit losses, the amount it sets aside to cover bad loans, totalled $149 million for the quarter, up from $111 million a year earlier.
On an adjusted basis, National Bank says it earned $2.68 per diluted share in its most recent quarter, up from an adjusted profit of $2.18 in the same quarter last year.
The average analyst estimate had been for an adjusted profit of $2.49 per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Aug. 28, 2024.
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